Global Materials | Industrials | Commodities

Rahul Jain

Over 20 years of sell-side research experience across Global Metals & Mining, Cement, Industrials, and Commodities. Extensive first-hand mine and plant visits spanning India, Australia, China, the US, and the UK.
Hundreds of buy-side engagements across major global financial hubs in Asia, North America, and Europe. Also led a comprehensive client tour of China to deepen industry understanding.

Focused on fundamentals-driven analysis including earnings modeling, cost structures, and valuations using DCF and relative multiples. Global commodity cycles, supply-demand trends, and macro factors are integrated into sector calls. Research prioritizes inflection points from price, cost, and policy shifts, using a disciplined bottom-up approach supported by top-down macro screening.

Commodities

<ul>
<li>MVGDX concentrates in North America and silver duration, shrinking Asia to ~3% based on liquidity and replication discipline.</li>
<li>AMMN breaches gold-purity retention thresholds, signalling likely removal in 2026 and passive outflows.</li>
<li>BRMS remains the only credible Indonesian gold-pure substitute; Zijin inclusion unlikely before Q3-2027 due to float constraints.</li>
</ul>


MVGDX concentrates in North America and silver duration, shrinking Asia to ~3% based on liquidity and replication discipline.
AMMN breaches gold-purity retention thresholds, signalling likely removal in 2026 and passive outflows.
BRMS remains the only credible Indonesian gold-pure substitute; Zijin inclusion unlikely before Q3-2027 due to float constraints.


Asia Gold Mining 2026–27: Pricing the AMMN Exit & The BRMS Proxy Pivot